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EXECUTIVE SUMMARY
1
The big FDI story of the past year is India. After a long period of
trailing behind China, the south Asian country is now racing past
its formidable rival. India was the highest ranked country by capital
investment in 2015, with $63bn-worth of FDI projects announced.
Meanwhile, China saw a 23% decline in capital investment and a
16% drop in FDI projects. We analyse Indias rise on page 6.
Asia-Pacific remained the leading destination region for FDI
in 2015, attracting 45% of all capital investment globally in 2015
(see page 4). Although the number of FDI projects into the region
decreased by 7%, the total capital investment increased by 29%.
While coal, oil and natural gas has reclaimed its top spot as the
largest generator of capital investment globally, with $113.5bn of
announced FDI recorded in 2015, the once-hot renewable energy
sector is on the rise again, with project numbers increasing by 50%
and capital investment reaching $76bn. This accounts for more
than 10% of all capital investment globally last year. We detail
what is driving expansion in this sector in a special section
beginning on page 18.
For more on all the other top FDI trends of 2015, and
a breakdown of regional and country-level performance
as well as sector analysis, read on. You can also download
a copy of this report, The fDi Report 2016, at
www.fDiIntelligence.com/fDiReport.
GLOBAL OVERVIEW
Global overview
In 2015, greenfield FDI continued to show signs of recovery, with
capital investment increasing by nearly 9% to $713bn, alongside
an increase in job creation by 1% to 1.89 million. However, the
number of FDI projects declined 7% to 11,930. India was the highest
ranked country by capital investment in 2015, with $63bn-worth
of FDI projects announced. Major companies such as Foxconn
and SunEdison have agreed to invest in projects valued at $5bn
and $4bn, respectively, in India. The US was the highest ranked
destination by FDI projects, recording 1517 FDI projects in 2015.
Global overview
2015 FDI snapshot
Top source country
US**
Total capital investment ($bn)
$713bn*
Total Projects
11,930
Top sector
1,891,576
India**
VIEWPOINT
3
A tale of two numbers how to interpret the FDI statistics for 2015
by Henry Loewendahl
Forecasts
With world GDP growth in 2016
being revised downwards and
given the continued unrest in the
Middle East, the Chinese economic
slowdown and the growing impact
of Zika on Latin America, we are
forecasting greenfield FDI to decline
by at least 5% in 2016. Unctad is
also forecasting a decline in FDI in
2016, if crossborder M&A does not
stay at its 2015 peak levels.
Looking at the 2017-20 period,
we expect greenfield FDI to slowly
recover with annual growth of 3%
to 5% per annum over this period.
Asia-Pacific
Graph 1
Table 1
Capital investment
Country
China
India
Singapore
Australia
Vietnam
Philippines
Indonesia
Malaysia
Thailand
Japan
Other
Total
% Asia-Pacific
market share
Capital
investment ($bn)
20% India
63.0
18% China
56.6
12% Indonesia
38.5
7% Vietnam
21.1
6%
5% Australia
15.2
4% Malaysia
13.4
3%
Myanmar
10.8
3%
South Korea
8.9
3% Philippines
8.5
20% Other
65.6
Projects 2015
% change
789
697
355
288
224
168
166
159
159
153
725
3883
-16%
8%
-13%
-19%
-8%
16%
6%
-15%
7%
-22%
-4%
-7%
Pakistan 18.9
$18.9bn
Table 2
Table 3
Country
China
Japan
Singapore
South Korea
Taiwan
Hong Kong
India
Thailand
Australia
Malaysia
Other
Total
Capital investment
2015 ($bn)
59.0
53.5
26.3
25.7
18.5
17.5
14.7
13.9
8.9
7.9
9.9
255.7
Projects 2015
Country
Japan
China
India
Australia
Singapore
South Korea
Hong Kong
Taiwan
Thailand
Malaysia
Other
Total
853
486
302
208
197
194
156
146
76
68
116
2802
India replaced
China as leading
recipient of capital
investment in
Asia-Pacific with
announced FDI
of $63bn
$10.8bn
FDI by capital investment in
Myanmar increased to $10.8bn
with three major investments each
valued at $1.6bn or above
Capital investment in
China declined 23%,
to $56.6bn
23%
28%
Malaysia-based companies invested
in 68 projects globally, representing an
increase of 28% in project numbers
In focus: India
overtakes China
In 2015, India replaced China as the leading destination for
FDI projects in the Asia-Pacific region with $63bn of announced
inward capital investment across the year, accounting for 53% of
FDI into China and India collectively.
Graph 1
China
100
80
60
India
40
20
2011
2012
2013
2014
2015
Table 1
2011
2012
2013
2014
2015
2.01
9.69
12.36
10.57
10.18 11.24
6.73 6.58
1.95 2.42
2.86 3.05
8.13 3.96
1.90 1.38
2.46 5.95
9.53
8.28
6.10
4.98
4.49
4.03
3.27
Gujarat (India)
3.77 2.78 0.82
Shanghai Municipality 12.69 14.73 10.65
(China)
Jiangsu (China)
14.21
Maharashtra (India)
6.58
Andhra Pradesh (India) 4.07
Karnataka (India)
5.58
Guangdong (China)
7.68
Anhui (China)
1.89
Tianjin Municipality
2.28
(China)
Jharkhand (India)
Other
Total
8.11
6.86
1.99
3.07
5.16
0.92
2.37
$12.4bn
Of the top 10 destination states
for FDI in 2015, India claims five
places, with the top place going
to Gujarat, which attracted
$12.4bn
Graph 3
Capital investment
($bn)
Capital investment
($bn)
19
12.6 Energy
16.4 Industrial
9.6 Construction
86.3 Other
45.6 Other
Environmental technology
Europe
Graph 1
Table 1
Capital investment
Country
UK
Germany
France
Spain
Belgium
Poland
Russia
Ireland
Netherlands
Turkey
Other
Total
% Europe
market share
3%
-54%
-1%
-19%
40%
4%
33%
4%
-2%
47%
-8%
-9%
Capital
investment ($bn)
34% UK 53.3
7%
Russia 11.6
7%
Spain 10.4
5%
France 7.1
4%
Germany 6.8
4%
Netherlands 5.8
4%
Turkey 5.8
4%
Ireland 5.5
3%
Poland 5.3
3%
Serbia 4.4
% change
974
364
356
227
192
188
179
178
166
147
1078
4049
Projects 2015
$4.4bn
Table 2
Table 3
Capital investment
2015 ($bn)
Country
UK
Germany
France
Spain
Italy
Russia
Switzerland
Luxembourg
Denmark
Norway
Other
Total
45.6
41.0
31.8
20.5
14.5
13.7
12.5
11.3
10.9
10.1
46.6
258.5
Projects 2015
Country
UK
Germany
France
Switzerland
Netherlands
Spain
Italy
Sweden
Luxembourg
Belgium
Other
Total
1127
1007
632
343
311
293
206
189
176
136
994
5414
90 %
Capital investment into Serbia
grew by 90%, helping the country
break into the top 10 destination
countries in Europe
4%
19%
Belgium as a source country
rose into the top 10 with project
numbers increasing 19%
Editors note:
Our German data
sources have not
released all 2015
data yet so 2015
data for Germany
in this report is
underestimated.
Germany-based automotive
company Volkswagen plans to invest
$3.52bn in its Martorell plant in Spain by
2020. The investment will allow Seat, its
Spain-based subsidiary, to launch four
new car models by 2017, the first of
which will be on the market in the
first quarter of 2016.
North America
Graph 1
Table 1
Capital investment
State/province
California
New York
Texas
Ontario
Florida
Georgia
North Carolina
Ohio
Massachusetts
Quebec
Other
Total
% North America
market share
Capital
investment ($bn)
8%
Florida 5.2
6%
Ontario 4.1
6%
California 4.0
5%
Ohio 3.2
4%
Quebec 3.0
Texas, which ranked sixth in 2014, rose to become the third most
prolific outward investor in 2015
4%
Tennessee 2.8
4%
Alabama 2.7
4%
Louisiana 2.4
Projects 2015
% change
230
192
147
109
80
58
55
52
51
51
709
1734
-17%
-3%
19%
-4%
18%
2%
8%
21%
-27%
-7%
-11%
-6%
$12bn
Table 2
Table 3
State/province
California
New York
Texas
Ontario
Michigan
Missouri
Colorado
Massachusetts
Florida
Alberta
Other
Total
Capital investment
2015 ($bn)
15.9
14.4
12.0
9.7
6.8
6.7
6.5
5.8
5.3
4.9
39.3
127.2
Projects 2015
State/province
California
New York
Ontario
Texas
Massachusetts
Michigan
Illinois
Florida
Connecticut
Washington
Other
Total
640
348
182
144
131
117
116
111
103
99
953
2944
42%
FDI into Washington state by
project numbers increased by
42% to 27 in 2015, while capital
investment increased from
$487.3m to $803.5m
8%
66%
Florida increased its profile as a source
of FDI with outward investments
increasing 66% and the number of
projects increasing by 3% to 111
Latin America
and Caribbean
Graph 1
Table 1
Capital investment
Country
Mexico
Brazil
Colombia
Chile
Argentina
Costa Rica
Peru
Panama
Jamaica
Uruguay
Other
Total
Projects 2015
% change
351
268
74
66
40
32
25
23
14
13
104
1010
-4%
-17%
-20%
8%
-30%
7%
-41%
-8%
27%
-38%
-24%
-13%
Capital
investment ($bn)
4% Argentina 2.9
4% Bolivia 2.4
3% Colombia 2.3
3% Panama 2.3
2% Peru 1.4
2% Jamaica 1.4
1% Uruguay 0.8
8% Other 5.4
Source: fDi Markets
Note: Includes estimates; percentages
rounded up/down
237,277
FDI into Latin America by capital investment
dropped in 2015 to $70.2bn with 13% fewer
projects. The number of jobs created by FDI in the
region increased, however, by 4% to 237,277
Table 2
Table 3
Capital investment
2015 ($bn)
Country
Bermuda
Mexico
Brazil
Chile
Argentina
Peru
Jamaica
Ecuador
Cayman Islands
Barbados
Other
Total
4.2
2.9
1.9
1.2
0.6
0.4
0.3
0.1
0.1
0.1
0.2
11.9
Projects 2015
Country
Brazil
Mexico
Bermuda
Chile
Argentina
Peru
Cayman Islands
Ecuador
Jamaica
Colombia
Other
Total
54
47
31
22
15
11
5
4
4
3
12
208
Brazil managed to
maintain its capital
investment levels in
2015 with a decline
of only 0.2% despite
a 17% decline in
the number of FDI
projects to 268
48%
Chile saw a 48% increase
in investment, bringing
levels to $9.7bn
10 %
91%
Canada-based SkyPower, a
renewable energy specialist, is to
invest $1bn in solar energy projects in
Panama. The company plans to build
500 megawatts of utility-scale solar
energy by 2020.
Middle East
and Africa
Graph 1
Table 1
Capital investment
Country
UAE
South Africa
Kenya
Saudi Arabia
Morocco
Egypt
Nigeria
Ghana
Oman
Bahrain
Other
Total
298
118
84
78
71
59
51
40
35
34
386
1254
-2%
3%
47%
3%
8%
14%
19%
21%
9%
31%
-13%
1%
Capital
investment ($bn)
Africa recorded 156 more FDI projects than the Middle East in
2015, a figure that has widened by 98% compared with 2014. It
also continued to dominate job creation with 95,387 more jobs
created than in the Middle East
9%
UAE 8.8
9%
Nigeria 8.6
5%
Mozambique 5.1
South Africa was the top African destination for inward FDI by
project numbers, continuing a long-term trend
5%
South Africa
5%
Uganda 4.6
5%
Morocco 4.5
4%
Cte dIvoire
3%
Angola 2.7
The Middle East and Africa region was responsible for $59.8bn
in outward capital investment, up 54% on 2014
% change
Projects 2015
9.8
4.7
3.5
$4.6bn
Table 2
Table 3
Capital investment
2015 ($bn)
Country
UAE
Saudi Arabia
Bahrain
Kuwait
Morocco
South Africa
Israel
Mauritius
Egypt
Kenya
Other
Total
21.8
13.5
4.2
3.9
3.5
2.5
2.3
2.1
1.7
1.0
3.4
59.8
Projects 2015
Country
UAE
Israel
South Africa
Kenya
Saudi Arabia
Morocco
Nigeria
Bahrain
Egypt
Oman
Other
Total
163
92
66
38
24
19
19
17
14
14
96
562
Bahrain recorded
strong inward FDI
growth during 2015,
entering the top 10
by project numbers
for the first time
since 2012
47%
FDI into Kenya by project numbers
rose by 47% in 2015, reaching 84
announced projects
19%
$11.8bn
Saudi Arabia recorded the largest
increase in outward capital investment
with $11.8bn more tracked in 2015
compared with 2014
SECTOR ANALYSIS
Sector analysis
Graph 1
Table 1
Capital investment
Country
% market share
96.6
76.0
7% Communications 46.2
4% Financial services
27.5
4% Automotive OEM
27.0
change
1826
1413
886
820
-11%
5%
-29%
-8%
648
570
498
461
433
394
3981
11930
-17%
-12%
-4%
6%
-16%
-17%
0%
-7%
Projects 2015
6% Metals 40.9
4% Chemicals 28.3
4% Transportation 25.8
3% Automotive 22.9
components
29% Other 208.3
Source: fDi Markets
Note: Includes estimates; percentages
rounded up/down
$76bn
Graph 1
12%
Renewable energy
70
10%
60
Capital investment ($bn)
8%
50
6%
40
30
4%
20
2%
10
0%
0
2010
2011
2012
2013
Year
2014
2015
Graph 2
Parent company
Enel
SunEdison Inc
Mainstream Renewable
Power
Iberdrola
SkyPower
2010
2011
2012
2013
2014
2015
Total
0.6
1.1
0.0
3.1
1.1
0.3
1.6
0.6
3.4
5.0
0.8
2.1
0.9
1.6
0.8
2.5
3.9
1.1
13.7
9.1
7.7
3.4
0.0
0.7
0.0
0.9
0.0
2.2
0.0
0.1
5.0
0.0
2.1
7.3
7.1
Table 1
Table 2
60
Biomass power
50
Hydroelectric power
40
30
20
10
2010
2011
2012
2013
2014
2015
Source: fDi Markets Note: Includes estimates
Graph 3
2011
2012
2013
2014
2015
Total
Enel
SunEdison Inc
Electricite de France (EDF)
3
6
8
13
9
6
8
3
7
26
4
5
6
8
2
12
15
6
68
45
34
5
9
8
3
4
3
4
9
4
1
3
0
28
25
2010
70
80
80
Africa
70
60
North America
50
Western Europe
40
Asia-Pacific
30
Middle East
20
Rest of Europe
10
0
2010
2011
2012
2013
2014
2015
Source: fDi Markets Note: Includes estimates
INFORMATION
Contributors
Editor
Courtney Fingar
Contributing editor
Dr Henry Loewendahl
Contributors
Geraldine Ewing
Christine McMillan
Glenn Barklie
Jonathan Porter
Simon Curtis
Kavan Bhandary
www.fDiIntelligence.com
Published by The Financial Times Ltd
Number One Southwark Bridge
London SE1 9HL
The Financial Times Ltd 2016
The data presented includes FDI projects that have either been
announced or opened by a company. The data on capital investment
and job creation is based on the investment the company is making at
the time of the project announcement or opening. As companies can
raise capital locally, phase their investment over a period of time, and can
channel their investment through different countries for tax efficiency,
the data used in this report is different to the official data on FDI flows. The
data from fDi Markets is more accurate and a real-time indicator of the
real investment companies are making in their overseas subsidiaries.
The data shown includes estimates for capital investment and job
creation derived from algorithms (patent pending) when a company
does not release the information.
Note that the investment projects tracked by fDi Markets are being
constantly updated and revised based on new intelligence being received
and the underlying algorithms are constantly improving their accuracy
over time. The data presented in this report may therefore differ slightly
from the real-time data available at www.fdimarkets.com.
The World Bank, Unctad, the Economist Intelligence Unit and more
than 100 governments around the world as well as major corporations
use the data as the primary source of intelligence on greenfield
investment trends.